Notice of Expiration of the Temporary Full FDIC Insurance Coverage for Noninterest-Bearing Transaction Accounts
By operation of federal law beginning January 1, 2013, funds deposited in a noninterest- bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit:
What this means to you:
We are advising you of this deposit insurance coverage change so that you may consider any impact this might have in the management of your transaction accounts.
Please do not hesitate to contact us with any questions regarding your accounts.
FDIC Insurance Estimator (EDIE)
Understanding the deposit insurance coverage you have on your accounts.
Since Cardinal Bank is an FDIC-insured institution, it means that your qualifying deposits are insured by the federal government. And when your money is FDIC insured, you can't lose a penny, no matter what. But as with any insurance, there are coverage limits and requirements that must be met.
To help you determine your insurance coverage, you can use an easy-to-use online FDIC tool called EDIE The Estimator.
A few minutes with EDIE can give you endless peace of mind. You’ll know if the money you have in your Cardinal Bank deposit accounts is fully protected or if any accounts exceed coverage limits.
Using EDIE is easy. Just click the button below to get started. To save time, have a list of your deposit accounts and the amount you have in each. If you have joint accounts or trust accounts that name beneficiaries, have those names, too. To check business accounts, you will need the business name and Employer Identification Number (EIN).